BOSTON (AP) — The New England Confectionery Company (“NECCO”), the 171-year-old maker of the iconic NECCO wafer, has been acquired by Sweetheart Candy Co. LLC, an entity owned by Dean, Evan and Daren Metropoulos, for $17.3 Million. The deal came in the wake of the company’s April bankruptcy filing and subsequent auction process.
(Read about Dean Metropoulos at TNH’s 50 Wealthiest Greek-Americans 2018 List)
The family business of Greek-American billionaire Dean Metropoulos announced last Friday it paid $17.3 million for the New England Confectionery Co., or Necco. It’s a surprise ending to a federal bankruptcy auction that initially left Necco to an Ohio company.
Spangler Candy Co. made the highest bid last week, but court records say it refused to close without a price reduction.
Instead a deal closed Thursday to sell Necco to a Connecticut-based branch of Metropoulos’ company, which made the second-highest bid.
Metropoulos’ firm previously bought Twinkies maker Hostess out of bankruptcy in 2013.
The 171-year-old Necco is based near Boston and is known for its Sweethearts candies sold around Valentine’s Day.
The Metropoulos family has a long and successful track record of reinvigorating classic brands including Hostess, Pabst Blue Ribbon, Bumble Bee, Chef Boyardee, Vlasic, Ghirardelli and Perrier Jouet, among others. Over the course of nearly forty years, the family has invested in approximately 80 entities – transforming companies, accelerating revenue and earnings growth and propelling to renewed prominence scores of rich-heritage brands.
“We are extremely excited to bring our extensive background and expertise to bear in working to revive NECCO and its amazing brands, all of which have a special place in the heart of Americana,” said Evan Metropoulos.
“Acquiring NECCO is a special opportunity to create a robust platform designed to build critical mass and create the potential for consolidating additional confectionery brands in the near future,” added Daren Metropoulos.
For more information about Metropoulos family investments please visit www.metropoulos.com.